{"id":62965,"date":"2022-06-15T18:04:20","date_gmt":"2022-06-15T15:04:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62965"},"modified":"2025-09-05T21:11:28","modified_gmt":"2025-09-05T18:11:28","slug":"peter-schiff-better-to-sell-bitcoin-now-and-buy-it-back-cheaper","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-better-to-sell-bitcoin-now-and-buy-it-back-cheaper\/","title":{"rendered":"Peter Schiff: Better to Sell Bitcoin Now and Buy It Back Cheaper"},"content":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, updated his forecast for the Bitcoin price bottom and gave investors guidance.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">How can anyone long <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> look at this chart and not sell? Even if you think Bitcoin will ultimately trade higher, it\u2019s hard to image that it doesn\u2019t test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower. <a href=\\\"https:\/\/t.co\/GlHa3JL9mv\\\">pic.twitter.com\/GlHa3JL9mv<\/a><\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\\\"https:\/\/twitter.com\/PeterSchiff\/status\/1536908543089119232?ref_src=twsrc%5Etfw\\\">June 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In mid-May, the well-known critic of the first cryptocurrency and gold advocate predicted that the digital asset would test the <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicted-bitcoin-test-of-the-8000-level\">$8000<\/a> support level. He cited chart patterns forming on the price action, including a \u201cdouble top\u201d and a \u201chead and shoulders.\u201d<\/p>\n<p>This time Schiff drew attention to the long-term support level around $5000.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;Even if you think Bitcoin will eventually trade higher, it\u2019s hard to imagine that it won\u2019t first test the long-term support at the lower line. I think it will fail that test. In any case, it\u2019s better to sell now and buy cheaper,&#8221; commented the investor on the chart.<\/p>\n<\/blockquote>\n<p>Before his previous forecast Schiff <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-outlines-condition-for-bitcoin-to-fall-to-10000\">predicted the flagship would fall below $10 000<\/a>, if the price sharply breached the $30 000 level. More than 80% of participants in his poll agreed that quotes would dip below the indicated mark.<\/p>\n<p>On May 11, Bitcoin price <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-sinks-below-30000\">fell below $30 000<\/a>. After roughly a month of trading near the milestone, on June 13 the cryptocurrency\u2019s price slipped <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-tumbles-below-23000\">below $23 000<\/a>.<\/p>\n<p>In early June, BitMEX co-founder Arthur Hayes said that <a href=\"https:\/\/u1f987.com\/en\/news\/arthur-hayes-bitcoin-and-ethereum-have-already-hit-local-bottom\">Bitcoin quotes had reached the bottom<\/a> of the current cycle.<\/p>\n<p>Following the ensuing crash, Galaxy Digital founder and CEO Mike Novogratz expressed hope that the price of digital gold <a href=\"https:\/\/u1f987.com\/en\/news\/mike-novogratz-bitcoin-holds-above-20000-ethereum-unlikely-to-slip-below-1000\">has moved closer to its minimum levels<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff of Euro Pacific Capital updated his forecast for the Bitcoin price bottom and gave investors advice.<\/p>\n","protected":false},"author":1,"featured_media":62966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1146,1298],"class_list":["post-62965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-market-forecasts","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62965"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62965\/revisions"}],"predecessor-version":[{"id":62967,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62965\/revisions\/62967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62966"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}